We are all facing uncertain times right now with COVID-19. With that in mind we need to be thinking how to effectively move forward rather than taking the “wait and see approach.” This is the time for us to take stock of the situation, get our houses in order, and make educated decisions to maneuver our businesses towards a successful future.
 
Below are COVID-19 resources that we hope will be beneficial and easy for you to use.

RESTAURANTS PREPARE FOR WINTER

SEEKING SAFER SPACES

As Some Employees Return to Offices, Temperature Checks — and Legal Questions — May Await.
Lawyers expect a rise in potential lawsuits and claims.

CLEANING FOR A HEALTH FACILITY

Actionable tips to start building your facility health plan.

COVID-19 VACANCY EXPOSURES

With the emergence of the Coronavirus Disease (COVID-19), questions around business

impacts and potential coverage have surfaced. The purpose of this communication is to give a high level overview of an emerging exposure for property and business owners—changes in building occupancy.

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM OVERVIEW

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. 

Resources:

Fully Forgiven 
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. 

Must Keep Employees on the Payroll - or Rehire Quickly 
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 

All Small Businesses Eligible 
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. 

When to Apply 
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. 

How to Apply 
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders, as well as additional information and full terms, can be found at www.sba.gov.

RESOURCE WEBSITES:

www.coronavirus.gov | www.sba.gov | commerce.idaho.gov/covid-19 | labor.idaho.gov/dnn/COVID-19